KUALA LUMPUR (March 15) : Top Glove Corp Bhd’s net profit in the second quarter ended Feb 29, 2012 (2QFY12) jumped 110% to RM53.46 million from RM25.41 million a year ago, as higher sales, and cheaper raw materials boosted the rubber glove manufacturer’s bottom line.
In a statement to the exchange on Thursday, Top Glove said its revenue for the quarter in review rose 13% to RM548.99 million against RM485.21 million previously.
Cumulative first half net profit climbed 38% to RM84.89 million from RM61.46 million a year earlier, while revenue was up 12% to RM 1.1 billion from RM976.72 million.
In a separate statement, Top Glove chairman Tan Sri Lim Wee Chai said a stronger US dollar versus the ringgit and lower latex prices had enabled the firm to register a higher net profit in 2QFY12.
“We have learnt from past experience on excessive increases in latex prices and shall remain cautious to continue with our planned strategy for a more balanced product mix of latex and nitrile gloves to cater to on-going customer preference.”
Top Glove shares rose three sen to RM4.83 at midday break on Thursday.
In a statement to the exchange on Thursday, Top Glove said its revenue for the quarter in review rose 13% to RM548.99 million against RM485.21 million previously.
Cumulative first half net profit climbed 38% to RM84.89 million from RM61.46 million a year earlier, while revenue was up 12% to RM 1.1 billion from RM976.72 million.
In a separate statement, Top Glove chairman Tan Sri Lim Wee Chai said a stronger US dollar versus the ringgit and lower latex prices had enabled the firm to register a higher net profit in 2QFY12.
“We have learnt from past experience on excessive increases in latex prices and shall remain cautious to continue with our planned strategy for a more balanced product mix of latex and nitrile gloves to cater to on-going customer preference.”
Top Glove shares rose three sen to RM4.83 at midday break on Thursday.
